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relief program may be in some trouble of it's own...worries that the money hasn't been used to buy toxic assets from banks. and more than two hundred miles per gallon. that's the promise from g-m about its new electric car....just one of the new models g-m hopes will rebuild its business. plus, as kids head back to school, parents look for ways to save. where they're pinching their budgets getting kids ready for the classroom without breaking the bank. ahead of hump days market action is one of those days where it's all about the federal reserve. no big surprise that the federal reserve is due to make its announcement regarding interest rates, rather the concern is about exactly what is its assessment of the economy. well tom, we'll also be watching earnings from the nation's major retailers over the next few days. we're talking macy's, wal-mart, coles, j.c. penney's. we certainly know that consumers, people for the most part are still reluctant to spend that extra cash and these earnings reports from retailers could give us a good glimpse into how consumers are holding up. and we
is taking used cars off the market...and helping drive prices up. used car sellers are seeing higher prices....as are buyers. what you'll find on the used car lot. in the meantime, general motors and ebay join forces in hopes of selling more * new* cars...how the automaker and online auction giant plan to do it. also, after the mortgage meltdown, is the market finally returning to normal...and what could that mean for home buyers and sellers? ...plus a look at gold...it's all ahead on this edition of first business. markets in a waiting game this week after digesting all the news that happen in the past week earnings season trailing off the jobs number not getting any worse it will we've seen over the past several months and now waiting for the federal reserve cut to give its blessing on any kind of into this recession. big news for investors this week but if you noticed in recent days the nasdaq has not been able to make a new high so since is banned and overall leader it could mean that the market may be pulling back and pull back motor running out of steam and certainly i
of the u.s. consumer any way shape or form the job market is down and housing has got to stabilize. it is a very critical time for home buyers especially if one of the bend of the $8,000 a tax credit would you have to do is find a home negotiated price wheat your loan approved and close all before november 30th and if he can do that within four months i consider that a miracle. it is a busy week this week for housing key indication do on the real-estate market homebuilder's index on monday starts and permits and new housing market look on wednesday and by the end of the week existing home sales and a lot rests on finding some kind of green shoots in the housing market. the state of housing in america has been showing some small signs of stabilization ahead of this week's reports on home contruction and sales. while activity remains a fraction of what it was at the height of the boom 2 or 3 years ago, this summer has seen some indication of a pick-up. start with new construction. in the summer of 2005, new home starts were running at an annual clip of more than two million. just
a result of cash for clunkers...but are they doomed to repeat the same mistakes that led to the u-s auto industry collapse? plus, oil and copper have been red hot as the global economy tries to pull itself out of the recession. what *commodities may be telling us about the economy. and healthcare remains front and center..a look at medicare part d...and the prescription drug program's impact on patients and nvestors. a02 " was a very loud stock market rallied is given away to make quite rowdy last seven trading sessions the dow jones industrial average has climbed higher by almost 5% we are seeing the dollar levels we haven't seen since the week after last halloween. the banks have been holding their own as well participating in this rally and the fdic now is making it easier for private equity for us to buy the failing banks by easing the regulations on capital requirements in this move happens as the pace of the bank failure since to pickup more than 80 banks have been shut down by fdic in and last year been fair with the number total to over 900 and time the fdic has been more
costing us all.. a lot more in the long run. experts say we're already seeing higher interest rates.. and in the future? possibly even fees on customer service of all things. consumers are already bracing for major changes with their credit cards....considering how card companies are reacting to the tougher rules. i think twice.. if i had 500 dollars.. i ask would i spend cash before i charge it.. i hope a lot of people are.. and you are? absolutely starting next thursday - consumers will see new protections in place... for example, your credit card issuer must notify you in writing 45 days before making changes to the interest rate.. or any other major terms. and companies must mail monthly statments at least 21 days before the bill is due. experts say you should be paying close attention to any mail from your credit card company. "it's important to open it and see what the changes are... if you don't understand them . give a credit card issuer a call and ask them." experts say these new rules on credit card companies are going to affect everyone.. even excellent customers.. are
of the u.s. consumer. and tom with the oil back above $70 a barrel it's again putting pressure on stocks of airline companies. on wednesday alone we saw some of these airline companies shares down between two and 4%. and experts and have been warning us that if there is no resurgence in consumer demand for air travel it could really put these airline companies in a world of hurt starting early next year. the oil stocks were excited on the other side because of a possibility of up take in demand for energy may be as this economy tries to stabilize. the debate intensifies between a government run health insurance plan ... and the idea of a health insurance cooperative... with republicans fiercly opposed to anything run by the government... it appears the cooperative concept could be gaining steam... as talks on compromise legislation continue on capital hill. the idea of a health cooperative isn't something new.. in fact washington state has its own group health coop with close to 600,000 members madison wisconsin also has one with 62,000 members.. we asked its executive director - how lo
inflation and a drop in the u-s dollar... pose a bigger risk for higher gasoline prices in the next several months. plus the rulemaker. a market watchdog is poised to get more power in its effort to watch over investors. all that and more an om this edition of first business. small gains but gains and none the less in the month of august. welcome everybody. it certainly no horror story but the last time we actually saw stock prices this high was the week of halloween. we have to go to the dark days of october and november the last time we saw the stock prices. the gains have been pretty small in recent days as well as the volume which is still pretty low. nonetheless as long as these markets continued to rally in the last hour and three minutes of the trading session you got to take that as a positive. it seems to be less bad is kind of the name of the games and certainly late this week with the employment numbers due out at the end of the week, that is the expectation. nobody thinks the economy is the run of the dime, but maybe things are not getting worse. gasoline prices at the pump are
has made a year. it used to be seven to 10% return in the stock market was a pretty good year. we've seen a 7 percent return in the month of july for the dow jones industrials average. >> and the s and p 500 up 9% since january, in the midst of second quarter earnings, recent days these earnings have been coming in a little bit more disappointing. but keep in mind we still have yet to hear from big retail companies, wal-mart, target, j.c. penny's, kohl's. that will have the market's attention. >> a couple of consumer type of issues, unemployment coming out on friday, auto sales coming up monday. it will include one full week of the cash for clunkers program. >> this week u.s. senators are expected to take up the controversial cash for clunkers program. they are likely to vote on whether to infuse billions of more class. last week the house of representatives overwhelmingly voted yes to putting in an extra two billion dollars to continue the cash for clunkers program. after just one week, car dealerships across the nation are reporting they told tens of thousands of new cars under
help? we'll find out on this edition of first business. slow grind hi year continues to continue for u.s. stocks will command a head of the last two trading sessions in the month of august if all this can hold onto positive gains it will be to the second pass in a row and that we are working and fighting the last six months of higher and stock prices. effects of the month of august the dow is up about 4% of m clearly investors continued to be confident about the stock market in the economy but the opposite case tv talk about consumer confidence on mainstream on friday we're going to be getting consumer sentiment numbers since june that number has been down. pocketbooks of consumers getting pinched year in speaking of the friday numbers of personal income and spending is to keep him to wash their could be the saving rate which a short term can replenish those rainy day fund which will perhaps sowed the seed of long-term growth. the losses keep piling up for small and regional banks... and the fdic is beefing up its coffers anticipating a wave of bank failures in the coming months... take
the economy for starting to see positive signs let's see if the fed is as optimistic as the rest of us. less bad it has been the name of the game saw the private with the jobs number steal quarter million americans losing their jobs in the month of july not a good thing but a lot less compared to previous months. now that the cash for clunkers program has new fuel to keep running... politicians are hoping it will continue to boost auto sales... in just 2 weeks... more than 200-thousand new cars were sold under the program... and while many are calling it a success... it's putting a huge burden on junk yards... that have to dismantle and dispose of those so called clunkers. here at robbins auto salvage.. they're clearing space for about 200 gas guzzlers that will be coming in from the cash for clunkers program. once the clunker gets to the junk yard.. the engine is already disabled... they've got just 6 months to sell all the parts they can... and then they have to turn it into scrap metal. we have to do paper work..document.. tow them drain teh fluids crush them.. get rid of them... theres n
highs lori living in with us at the cme group just a week ago creepers and downdraft in the market and nothing but a buyer since then. real strong move on friday and probably expecting more of the same talk about a short squeeze it was obviously a good housing number and i and exciting about that it's coming up all to the bottom is another story is a situation where you are seen institutional buying coming into the recipes nasdaq in the dow jones traded above the you haven't seen the number in a long time. does it make sense to you from a fundamental expects? emotional force short and i know people are excited when they see a decent housing no. but it's not as good as people think if there are a lot of this press housing and there are a reason people are buying things in 54 and 30ยข on the dollar i get excited when everybody else until then i'm not. if your looking at the index s p five pondered the think it's over about you? i said it was over by you at 1015 i said was about u. s. 10 05 floor traders may not be the best we like to see a market go down when the fundamentals should
health care and trust fast-food us a choice in as this is costing the stocks and put someone tried later may be exactly the clearest indication of where this day's date may be headed its core to affect all americans and likely going to affect federal and/or net both policies in the years ahead. new government figures show 1.7 billion dollars of the cash for clunkers program has already been used up... but car dealerships across america have barely seen any of that cash... and for some it's turning into a cash crunch for business. here at highland ford.. just outside of chicago - they've sold about 60 new cars under the cash for clunkers program.. and they're now waiting for the cash. there are some car dealers in the chicago area that are waiting to get paid reportedly up to half a million dollars from the us government. that's why they're keeping the clunkers on their lots...not disabling the engine until after they get paid. i'm confident we'll get paid, just hope it's more timely payment al frisch president of highland ford says many car dealers will soon face a cash crunch if they d
in nine months a four digit number of reits to s&p's have 500 the broadest measure of big u.s. stocks or a thousand for the first time since late last year when the market rally began to fall off a cliff oh lot of damage has been repaired in a very short period of time. the nasdaq composite holding above the 2000 market for the first time since october this week we have big news on the job market not only the private aid the employment number in the government figures are reported on friday. despite the market's rally if it is significant since march report to show the numbers later in the program and lot of skepticism be invoiced for the professional community about the likelihood of this rally continuing through the six month in august. millions of consumers in several states will get an extra break in august thanks to sales tax holidays... and it can add up to lots of savings.. especially on top of sales that are already going on at stores. the sales tax breaks vary from state to state but they generally cover clothing, footwear and accessories less than 100 dollars.. plus compu
fargo .. says it's worth 531,000 - after using an automated valuation model - based on that estimate.. wells fargo cut hickman's home equity line of credit from 75 - thousand to 31,000.. and now he's taking wells fargo to court... hoping to reinstate his credit line. i want wells fargo to do the right thing - make an individual assessment on my property - not have pull up my address from a computer ... and say it's worth x.. because it's not an accurate assessment "michael hickman says in this case.. the automated valuation model wells fargo used did not capture the true value of his home... you can see it's practically new.. built in 2006.. where 90% of the other homes in this neighborhood are significantly smaller." they used automated system.. did not take into account characteristics of home that secured the line of credit.. and by not taking that into account, they broke the law. hickman's attorney.. says he's fighting for class action status in this case against wells fargo. "in just the 12 hours after we filed this lawsuit.. over 400 people contacted us .. stating wells fa
get to friday tuesday wednesday and thursday ben weinstein is with us at the cme group in the what about the tone of the market sell-off we saw one day i envy yesterday's basically started from the open requite a bit ahead of the opening bell and we did see a little bit of a sell-off in the pit but it basically died out we had a very trading session in the most part with the closing bell copper very low about about an but it's been typical of the month. have no that the sell-off is in due in part because traders and investors are dumping their long positions but what about people initiating new short positions to what extent is that happening. fat than we are seeing that with little bit of least some of it started on friday night there was a big sell signal forswearing traders coming round 10 05 even 10 04 when a lot of selectivity that we busy friday. the pullback friday afternoon had some of those sorts concern to the new and is still short concern put in by the proposal would we can do very well coming in monday morning and the close monday. what's your opinion about how for the
and with and maybe telling us feel about the housing market in the future. uncle sam is so deep in red ink... that even the white house is re-figuring its projections for the out-of-control federal budget deficit. the past year's stimulus efforts to save the failing economy... have added mountains of more debt onto the government's balance sheet.. new goverment figures indicate this year's budget deficit will climb to 1.6 trillion dollars.. which would be a new record.... that's 3 times the size of last year's budget deficit and the white house projects over the next 10 years.. between 2010 and 2019 - the cumulative deficit over that decade would reach 9 trillion dollars... that's 2 trillion dollars more than originally forecast earlier this year. another government report issued by the congressional budget office says.. these large deficits will hurt economic growth in the future. large deficits are also sure to hit american's pocketbooks in a big way.. especially if it comes finding new sources of revenue such as raising payroll and other taxes to close these large gaps. let's now take
when they left to m f global with us at the cme group and we have to talk about the bond market more about the stock market later in the program. what do you think the bond market is telling us about the economy? for that matter about the stock market? i think what we are seeing the bonds trade suggest that there are very strong crosscurrents have on the positive side debate has been better durable orders for better home sells all-time lows additionally their profit new laws fairly constructive but on the downside i think people are still very concerned about the consumer and how the fact that their balance sheets are very much over leveraged. we are in a balanchine and recession and the fact that home prices are very depressed and there has been a considerable amount of wealth lost is still and pent- up consumer moves going for once the cash for clunkers deal has moved to gdp and is now passed in cash for appliances what else will drive demand and i think that's what the bond market is reflecting. we have been seen interest rates trend hi years since the stock rally began back in ma
of the organization leaves your she is lead us one step around. procurements million one become the senior vice president all of a sudden. take a look at the big criticism of his stewardship which is the huge expansion of the federal reserve policy don duva years when he took over as $860 billion know better than twice that almost three times that one. earlier in this year. this is what critics are going to point to before president makes a decision. i see it as a problem we have to look back at at the historical some portion that he found himself in a year or so ago and it was a wonderful thing. my high marks is for doing that. in the two trillion now isn't a problem the problem is how did it get back into a hundred billion or even below? it's all uncharted territory but we have a message with some like this before but there was a true a year ago and he has done well and moving the economy thwart in having the fed assist the economy where it needs. you work with the chairman you know if he's interested in serving again? in the most powerful economic country in the world is not tempted. during
, voice mail or e-mail and be heard. we want to hear your ideas for fixing the u.s. economy. the new president, trillions of dollars in taxpayer money and new efforts to fix the economy. first business will be holding a virtual town hall meeting. you can submit your video questions on youtube and find out how on our website, firstbusinessx.com. >>> the security and exchange commission wants to unplug flash trades. flash trades give some big traders a peek at buy and sell orders milliseconds before they're actually carried out and critics say the big traders with powerful computers get an unfair edge and can make pennies in profits per share multiplied over hundreds of thousands, even millions of shares it can mean big bucks. this would be the latest trading practices that the feds have moved to outlaw or new rules the sec is considering in wake of the financial melt down. one area where new rules could be coming is money mark. the sec would like to require money market fund to hold a percentage in actual cash, shorter securities and limit investments to only what it calls the highest
for stabilization at best we have lincoln ellis he's with us over at the cme group. still to come big bucks, big risks...and the big screen. an independent movie distributor looks to stay afloat with a big release this weekend. but first....paying for college...tips for struggling parents and kids hit by the recession..what they can do to help ease the burden of tuition. as a new school year is about to begin, how about this math lesson: for every $100 you borrow from uncle sam to pay for college, it will cost you about $6 bucks. with college tuition continuing to rise, odds are better than half of new college graduates next spring will leave school owing money. farnoosh torabi wrote "you're so money" and hosts "bank of mom and dad" on soapnet this fall. as the new school year is about to begin how about this math lesson for everyone hundred dollars he borrowed to pay for college it will cost you about six bucks for college school tuition rising. new college graduates will leave school calling money thousands of dollars and i'll use she wrote you're so money and the upcoming host of bank of mo
... including gauranteeing commercial mortgages. it's expected that july was the 19th month in a row that the u-s economy failed to create any net new jobs as the unemployment rate is predicted to jump to new generational highs. as more americans loss their jobs, many of those still working continue to get by pay-check to pay- check. a third of working americans, according to a new survey, would immediately fall behind paying their bills if they lost their job. another third would be delinquent within two months. you need to develop a plan to stash some money away for a rainy day and most advisers would suggest you need to have three to six months of savings to be able to weather that storm. but in this recession, even that rule of thumb may not be enough for some. more than 4- point-4 million people are considered long-term unemployment....having gone without working for at least six months. in june, a third of people who were unemployed had been for at least that long, forcing them to dip into what savings they have...which experts say should be the first source of money. we certainly think
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